Read it in one article! Philippines GCash new features: detailed explanation of the protection trans

In the Philippines, the e-wallet giant GCash recently launched a new feature called "Send Money Protect" (SMP). This innovative move has attracted widespread attention and discussion in the market, and user reactions are polarized. Ordinary users welcome the newly launched fund insurance plan, while merchants are worried that this feature may become a tool for users to "refund at will". In order to answer this doubt, GCash issued a detailed explanation of the specific functions and usage of SMP insurance.

New feature details:

GCash clearly stated in the statement that the "Send Money Protect" plan is a personal network insurance product designed to protect GCash accounts from online fraud, illegal account logins, and online shopping fraud. This insurance service is provided by Insurance Company of North America to provide users with additional security when making transfer transactions.

Users can choose to purchase this insurance, and they can purchase one every 30 days to ensure that all transfer transactions during the period will be protected. In the event of fraud, users can get a full refund or a maximum refund of 15,000 pesos after submitting relevant materials.

Different perspectives of users and merchants:

For ordinary users, this new feature undoubtedly increases the security of funds and makes transfer transactions more assured. However, merchants are worried that this feature may be abused and become a tool for users to refund at will. In this regard, GCash emphasizes that SMP insurance is not used for arbitrary refunds, but is a guarantee for specific situations such as online fraud. The refund of commodity transactions with merchants or sellers still depends on the decision between customers and merchants/sellers.

Types of fraud activities and prevention:

GCash also explains in detail the three main types of fraud activities: Social Engineering fraud, Account Takeover illegal login and Online Shopping Fraud, and gives specific examples and prevention suggestions. These explanations and suggestions help users better understand fraudulent behavior and take corresponding preventive measures.

Claim process and requirements:

GCash also gives detailed instructions on how to apply for claims. Users need to submit a report to the police within 24 hours after discovering the fraud and notify GCash to prevent further fraudulent activities. At the same time, users also need to keep written evidence of the fraud and call the hotline to notify the insurance company customer service as soon as possible. When submitting a claim, users need to provide a series of documents and information, including police reports, proof of transfer, chat records, etc. The entire claim process takes 5-7 working days. If the claim meets the requirements and is approved, the user will receive the claim or refund through bank transfer or check.

Summary and Outlook:

In summary, the "Protect Transfer" program launched by GCash is an innovative measure to improve the security of user funds. Although merchants have expressed certain concerns about this, GCash has explained and explained it in detail. For users, it is very important to understand the specific content and usage of this new feature, as well as how to prevent fraudulent activities and apply for claims. With the popularity and development of digital payments, this new feature of GCash has undoubtedly brought new opportunities and challenges to the e-wallet market in the Philippines. We look forward to GCash continuing to improve this feature and provide users with a safer and more convenient payment experience.